Indian billet prices rebounded by INR 300-700/MT (USD 4-10) today after a constant drop since few days.
As per participants, following surge in northern India (Mandi Gobindgarh) ingot offers, the producers in remaining markets followed suit, however spot trades were not upto the mark.
Inline rebar prices increased marginally by INR 100-300/MT in major markets except in southern & western India where it fell in same proportion. Further the sponge iron prices registered a hike of INR 100-200/MT, day on day.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 24,400-28,700/MT (USD 344-405) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 15,600-16,400/MT (USD 220-231); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 9th August 2019 (Friday) INR to USD exchange rate stood at INR 70.85.
— ICEX (Indian Commodity Exchange Ltd) Sep’19 contract for STEELLONG today open at INR 25,220/MT & last traded (IST 18:40 hrs) at INR 25,880/MT.
— BSE Sensex closed at 37,581(+254) on Friday, as against last day (Thursday) at 37,327(+636).
— NSE Nifty50 index was closed today at 11,109(+77) & Nifty Metal at 2,398(-20).
Raw Materials
— NMDC sold 0.71 MnT iron ore via Karnataka e-auctions in Jul’19, lower by 17% M-o-M against 0.86 MnT last month.
— Rungta stood largest iron ore exporter in July’19 at 0.33 MnT, up 12% as against 0.29 MnT in June’19.
— JSW Steel’s iron ore purchases from Karnataka e-auctions decreased by 8% to 1.49 MnT in Jul’19 compared to 1.63 MnT in Jun’19.
— Imported scrap offers to India for HMS (80:20) Europe origin containers stood at around USD 275/MT, CFR Nhava Sheva.
— Indian metallurgical coal imports have decreased by 3.65% m-o-m in July to 5.14 MnT, as compared to 5.33 MnT in June, as per the latest vessel lineup data compiled by CoalMint Research.
Semi Finished
— SAIL has reduced basic grade (steel grade) pig iron offers by around INR 700/MT (USD 10) to INR 23,800/MT (USD 337) from its Bhilai Steel Plant (BSP) based in Central India, SteelMint learned from market sources.
— Raipur based sponge manufacturers have maintained sponge P-DRI prices firm at around INR 15,500/MT and response was better due to surged Ingot/Billet prices, as per officials.
— Jindal Steel has further lowered pig iron offers and reported steel grade at INR 24,200/MT ex-Raigarh. Similarly in Durgapur & Jharkhand where prices dropped to INR 23,500-23,800/MT ex-plant.
— Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 15,700-15,900/MT ex-plant & excluding GST.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 15,700-15,800/MT ex-Bellary, Karnataka.
— BIOP Steels in South India has decreased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,300/MT & INR 16,700/MT ex-plant, Karnataka; an official reported.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod sharply slump by INR 800-1,000/MT and assessed at INR 800-900/MT through manufacturers & INR 1,000-1,200/MT by re-sellers end. Similarly in Durgapur where trade reference prices recovered by INR 200/MT to INR 29,200-29,800/MT ex-plant.
— Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 32,800/MT ex-plant & excluding GST.
— Raipur, Central India based ERW pipe manufacturers offers reported at around INR 30,800/MT ex-plant & excluding GST.
Reference prices as on 9th August 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 21,200 | 21,100 | 21,300 | + 100 | 22,100 | 22,400 |
| Ex-Mumbai | HMS(80:20) | 20,600 | 20,500 | 20,700 | – 100 | 21,200 | 21,300 | |
| Ex-Chennai | HMS(80:20) | 20,300 | 20,100 | 20,400 | 0 | 20,400 | 21,300 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 15,600 | 15,500 | 15,700 | 0 | 17,000 | 18,000 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | 0 | 16,450 | 16,450 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 16,400 | 16,300 | 16,500 | – 200 | 17,100 | 17,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 16,300 | 16,200 | 16,400 | 0 | 16,400 | 16,600 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 14,700 | 14,600 | 14,800 | + 100 | 16,000 | 17,000 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 15,450 | 15,400 | 15,500 | + 50 | 16,100 | 16,400 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 15,700 | 15,600 | 15,800 | 0 | 15,900 | 16,100 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 16,200 | 16,100 | 16,300 | 0 | 16,400 | 16,500 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 27,700 | 27,600 | 27,800 | + 700 | 28,700 | 30,650 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 25,050 | 25,000 | 25,100 | + 350 | 25,800 | 27,200 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 24,400 | 24,300 | 24,500 | + 300 | 25,200 | 26,500 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 25,050 | 25,000 | 25,100 | + 300 | 25,800 | 27,100 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 26,800 | 26,700 | 26,900 | 0 | 27,150 | 27,900 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 27,800 | 27,700 | 27,900 | + 700 | 28,800 | 30,700 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 25,500 | 25,400 | 25,600 | + 300 | 26,100 | 27,700 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 24,700 | 24,700 | 24,800 | + 500 | 25,600 | 26,800 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 25,450 | 25,400 | 25,500 | + 350 | 26,100 | 27,700 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 27,600 | 27,600 | 27,900 | + 800 | 28,200 | 29,100 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 27,200 | 27,100 | 27,300 | + 100 | 27,450 | 28,100 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 28,400 | 28,300 | 28,500 | – 100 | 29,100 | 29,500 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 26,500 | 26,400 | 26,600 | – 300 | 28,000 | 28,500 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 32,500 | 32,300 | 32,600 | + 100 | 33,500 | 34,500 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 29,000 | 28,800 | 29,200 | + 200 | 30,300 | 32,300 | |
| Ex-Rourkela | 12MM, IS 1786- 415/500 Fe | 29,200 | 29,100 | 29,400 | 0 | 29,700 | NA | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 28,500 | 28,400 | 28,700 | + 300 | 29,400 | 31,000 | |
| Ex-Jalna | 12-25 MM, IS 1786- 500 Fe | 30,200 | 30,000 | 30,400 | – 400 | 31,000 | 32,300 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 29,800 | 29,600 | 30,000 | – 300 | 30,400 | 31,300 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 33,000 | 32,900 | 33,300 | 0 | 33,500 | 34,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 30,500 | 30,300 | 30,600 | – 500 | 32,000 | 32,500 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 29,400 | 29,200 | 29,800 | + 200 | 30,200 | 32,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 29,000 | 28,800 | 30,200 | 0 | 30,400 | 33,000 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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